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The contestant is shown three prizes and must decide which one is the most expensive. The prices are then revealed one at a time, ending with the selected prize. A correct answer wins all three prizes.

The game premiered on October 16, 1972 (#0071D), but it wasn't won right away. 3 days later (#0074D), it was won for the first time.

On September 8, 1975 (#1581D, aired out of order on September 11), its second set was introduced; the game no longer shares props with Five Price Tags. On November 10, 1980 (#3861D), the silver parts of the Most Expensive props were changed to blue. Sometime during the 1984 portion of Season 13, definitely by October 25 (#5454D), the third set was introduced. On January 20, 1986 (#5961D), Most Expensive began using a unique set of price tags with graphics similar to its set. On February 12, 2010 (#5035K), the game finally got its title and the spelling of "Most Expensive" is changed to "Most Expen$ive," with a dollar sign in place of the second S.

For one playing on the 1970s syndicated version, Most Expensive was played for a fur coat, diamond ring, and gold watch. Unlike the standard rules, the winner would only win the most expensive prize. In addition, unlike the regular staging, that playing was staged on the turntable.

Occasionally, the game was played for three trips. During original host Bob Barker's tenure, the trips were concealed and revealed behind the three big doors. On September 18, 2006 (#3681K), the premiere of the show's 35th season, history was made as the game was played for three cars (also behind the three doors) for the very first time and all of them were won. Because of the success with that playing, on September 22, 2008 (#4431K), the premiere of the show's 37th season, the game was played (and lost) for three cars for a second time but the "1", "2", & "3" props were missing from that playing (the video links are seen below).

Early on, one of the popular features of Most Expensive were the model chats frequently done following the game. Since the game used all three models, Bob would do an informal interview with them, usually with humorous results. Due to time constraints with the addition of more commercials and the escalating feud between Dian and Janice, this feature was discontinued around early 1992.

On March 8, 2013 (#6255K), a contestant named Isaac Eaves won a $20,000 bonus for being the first person on stage to win their pricing game during PCH week. It was played in the first slot.

On the 1980s UK Price, the game known as "Most Expensive" actually used the rules of Eazy az 1-2-3 (which did not exist yet in the United States). Contestants were asked to number the prizes 3-2-1 from least to most expensive, and winners would only receive the most expensive prize.

In the first two series of Bruce's Price Is Right, the American format of Most Expensive was used, although winners would still only receive the most expensive prize. In the third series, the game reverted to the Eazy az 1-2-3 format, and winners began to receive all three prizes.